Luxury property prices unlikely to drop

Despite the latest #property #coolingmeasures, luxury property prices here are unlikely to drop drastically. #singapore

Despite the latest property cooling measures, luxury property prices here are unlikely to drop drastically, experts said. Demand for such properties has already lowered prior to the introduction of the measures but continued demand from wealthy investors, especially those from China, are likely to keep prices steady. One developer feeling the effects of the lowered demand is SC Global, the developer behind The Marq at Paterson Hill. With only 32 out of 66 units at the property sold, the firm has had to pay for a 6-month extension to keep selling the units. This is because regulations require developers with foreign shareholders and directors to sell all the projects within 7 years. This would cost them another $5.5 million. Despite this, developers are not worried. Experts have analysed that the number of foreign investors, especially those from China, is rising. In fact, ...

Full article: http://www.iproperty.com.sg/news/6243/Luxury-property-pri...